In 2019, Fun Company reports $5,000,000 of Net Income in the…
In 2019, Fun Company reports $5,000,000 of Net Income in the current year, after taking out 35% for taxes. They began the year with 2,000,000 shares of common stock. On 4/1/2019 they issue an additional 1,200,000 shares and on 10/1/2019 they repurchase 400,000 shares. Fun Company has 100,000 shares of $100 par, 5% cumulative preferred stock and while they pay no cash dividends in the current year they did pay a 20% stock dividend on 3/1/2019 to their common shareholders. What is the weighted average common shares outstanding for 2019?
Read DetailsABC Corp. reported an ending cash balance of $200,000 on 12/…
ABC Corp. reported an ending cash balance of $200,000 on 12/31/2012 and a beginning cash balance of $100,000 on 12/31/2011. They further reported a $350,000 cash inflow from Operating Activities, and a $200,000 outflow from Financing Activities. They only had two cash flows relating to investing and one of those cash flows was a $100,000 purchase of equipment. What is the cash flow from investing for the other activity?
Read DetailsBuilder Inc. enters into a contract to build a house for XYZ…
Builder Inc. enters into a contract to build a house for XYZ, Inc. on 4/1/2016 for $500,000. The terms of the contract requires that the building be completed by 3/31/2017, and offers a $50,000 bonus if the building is completed by 3/1/2017. Based on past experience, Builder Inc. is 65% confident that will be able to make the 3/1/2017 deadline and receive the bonus. Builder, Inc. records revenue evenly over the construction of the building. How much revenue will Builder Inc. record in 2016 related to this project?
Read DetailsABC Corp. reported an ending cash balance of $200,000 on 12/…
ABC Corp. reported an ending cash balance of $200,000 on 12/31/2012 and a beginning cash balance of $100,000 on 12/31/2011. They further reported a $350,000 cash inflow from Operating Activities, and a $200,000 outflow from Financing Activities. They only had two cash flows relating to investing and one of those cash flows was a $100,000 purchase of equipment. Which of the following cash flows could represent the other investing cash flow?
Read DetailsABC, Inc. prepares its financial statements consistent with…
ABC, Inc. prepares its financial statements consistent with a 12/31 fiscal period end. On 6/30/2014 ABC, Inc. received $100,000 for a basket of goods and services that were sold to XYZ, Inc. In exchange for the $100,000 ABC, Inc. agreed to deliver and install a state of the art machine on 7/1/2014, they also agreed to conduct an 8-hour training session for the current employees on 7/15/2014, and to conduct a second 8-hour training session on 1/15/2015. Finally, ABC, Inc. will provide four years of customer support which will begin on 7/1/2014. If sold separately, ABC, Inc. generally charges the following: Amount Machine $80,000 Installation $12,000 Training $500 per hour Customer Support $25,000 When ABC, Inc. prepares their financial statements on 12/31/2014, how much Unearned Revenue will the record at the end of 2014?
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